We all should have privacy policies on our site. It's one of the first things we're taught in our trainings. It is required.
In the template, it is important that we include that our privacy policy works in tandem with the T&C and constitutes an entire agreement.
Governing law should be based on your locality. For instance, if you are registered in the state of California, then it would be the governing laws of the United States of America and the courts of the State of California.
Depending on your niche, I would highly recommend including the 'consult an approrpiate professional' to protect yourself. For example, if you give advice on healthy living, include "If you require advice in any relation to any medical matter, you should consult an appropriate professional."
And finally, remove the reminder table at the very end, since you have retained the credit section (first line of the document).
As it states, you can obtain a license to use the template without the credit section. However, the credit section is just a single line, so I found no problem in keeping it for the free use.
Also, add your website URL to the top of the page and remove the word "template" for a more professional looking page.
Once you have edited it (and proof-read it 3 times ;) ), simple copy the information into a page on your site and add it to one of your menus. I've included it in my footer menus on all 4 of my sites, along side the privacy policy.
I am in by no way a lawyer, and have only researched the information provided within the template. I believe it provides an extra level of protection for you, plus gives your site a more professional and reputable look.
I hope this helped!